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The company reported a 9 % increase in its total customer base, reaching 152.7 million, with a significant growth of 17.8% in data customers to 64.4 million and a 20.8% increase in data usage per customer and another increase in mobile money subscribers.
Airtel Africa plc has announced its financial results for the year ended 31 March 2024, showcasing a resilient performance amid a volatile macroeconomic environment. The company reported a 9 % increase in its total customer base, reaching 152.7 million, with a significant growth of 17.8% in data customers to 64.4 million and a 20.8% increase in data usage per customer and another increase in mobile money subscribers. Africa’s leading telecom company has also reiterated its Continued commitment to network investment to support an enhanced customer experience and drive increased coverage.
Mobile money subscriber growth of 20.7% reflects our continued investment into distribution to drive increased financial inclusion across our markets. Transaction value increased by 38.2% in constant currency with an annual transaction value of over USD 112bn in reported currency. The Increase in transactions across the ecosystem reflects the enhanced range of offerings and increased customer adoption, supporting constant currency ARPU growth of 8.6%.
The company’s revenue in constant currency grew by 20.9%, driven by robust growth in mobile services and mobile money revenue. Despite currency headwinds, Airtel Africa maintained a resilient EBITDA margin of 48.8%, with EBITDA increasing by 21.3% in constant currency.
The company’s CEO, Olusegun Ogunsanya, attributed the success to the consistent deployment of the ‘Win with’ strategy, which has reduced the impact of currency headwinds and increased revenue growth. Furthermore, the company’s rigorous approach to de-risking its balance sheet and capital allocation priorities has reduced the risks that the currency devaluation has had on the business.
The CEO expressed his gratitude to the customers, partners, governments, and employees for their support and contribution to the business adding that the purpose of transforming lives across Africa will continue to be the company’s highest priority.
The company reported a loss after tax of USD 89 million, primarily impacted by foreign exchange headwinds, resulting in a USD 549million exceptional loss net of tax following the Nigerian naira devaluation in June 2023 and Q4’24, and the Malawian kwacha devaluation in November 2023. Airtel Africa’s capital allocation strategy included a share buyback program of up to USD100 million and a recommended final dividend of 3.57 cents per share.
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In addition to its financial performance, Airtel Africa highlighted its sustainability strategy, including a USD 57 million partnership with UNICEF and the ConnectRwanda 2.0 initiative in collaboration with the Government of Rwanda. These initiatives aim to provide educational resources and affordable smartphones to bridge the digital divide, reflecting the company’s commitment to sustainable growth and social impact.
